Investment Rating - The investment rating for the company is "Outperform the Market" [2][6][10] Core Views - The company reported a 10.85% year-on-year decline in revenue for the first half of 2024, amounting to 1.891 billion yuan, and a 43.39% drop in net profit to 269 million yuan [5][7] - The decline in performance is attributed to intensified competition in the domestic lithium battery industry and extended equipment acceptance cycles, leading to decreased sales revenue [5][9] - The company has received significant overseas orders, including a contract from Volkswagen worth over 45% of its 2023 revenue, indicating strong growth potential in international markets [5][9] Financial Summary - For the first half of 2024, the company's gross margin and net margin were 29.9% and 14.2%, respectively, reflecting a year-on-year decrease of 9.8 and 8.2 percentage points [5][12] - The operating cash flow for the first half of 2024 was 112 million yuan, a decrease of 24.9% year-on-year, primarily due to slower domestic sales collections [5][12] - The company forecasts net profits of 650 million yuan, 773 million yuan, and 912 million yuan for 2024, 2025, and 2026, respectively, with a projected EPS of 1.08 yuan for 2024 [6][12] Business Segment Analysis - The company is a leading supplier of charging and discharging equipment for various lithium battery types, with a focus on increasing its share in overseas markets due to reduced domestic orders [9][10] - Revenue from charging and discharging equipment is expected to decline by 15% in 2024, followed by a recovery of 10% in the subsequent years [10][12] - The company maintains a strong client base, including major players like Samsung, LG, and BYD, which positions it well for future growth in the expanding overseas lithium battery market [5][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance has declined due to extended acceptance cycles, with a revenue of 1.891 billion yuan in the first half of 2024, down 10.8% year-on-year, and a net profit attributable to shareholders of 269 million yuan, down 43.4% year-on-year [2][9] - The company has secured orders from Volkswagen for battery production equipment in Spain and Canada, which is expected to accelerate overseas order fulfillment [3][18] - The report projects a decrease in net profit for 2024, with estimates of 630 million yuan, 710 million yuan, and 800 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 15, 13, and 12 [19] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 1.891 billion yuan, a decrease of 10.8% year-on-year, and a net profit of 269 million yuan, down 43.4% year-on-year [2][9] - The second quarter saw revenue of 1.007 billion yuan, a decline of 14% year-on-year, while net profit was 96 million yuan, down 64% year-on-year [2][9] Industry Competition - The company's gross margin for the first half of 2024 was 30%, a decrease of 9.78 percentage points year-on-year, while the net profit margin was 14.2%, down 8.18 percentage points year-on-year [11][13] Cash Flow and Inventory - As of the end of Q2 2024, the company's contract liabilities stood at 2.097 billion yuan, an increase of 2% year-on-year, and inventory was stable at 2.663 billion yuan [14][16] - The net cash flow from operating activities for the first half of 2024 was 112 million yuan, a decrease of 24.9% year-on-year [14][18] Orders and Future Outlook - The company has received significant orders from Volkswagen, amounting to over 45% of its total revenue in 2023, indicating strong potential for future growth in overseas markets [3][18] - The report anticipates a gradual recovery in profitability, with projected net profits for 2024-2026 reflecting a cautious optimism about market conditions [19]

Financial Performance - The company's operating revenue for the first half of 2024 was approximately CNY 1.89 billion, a decrease of 10.85% compared to the same period last year [17]. - The net profit attributable to shareholders for the first half of 2024 was CNY 269 million, down 43.39% year-on-year [20]. - The basic and diluted earnings per share for the first half of 2024 were CNY 0.45, a decline of 43.75% compared to the previous year [18]. - The net cash flow from operating activities for the first half of 2024 was CNY 112 million, a decrease of 24.93% year-on-year [17]. - The company's total assets at the end of the reporting period were approximately CNY 9.71 billion, down 5.01% from the end of the previous year [17]. - The company's total liabilities as of June 30, 2024, were CNY 3,960,540,803.46, compared to CNY 4,584,372,676.38 at the end of 2023, showing a reduction of about 13.6% [123]. - The total comprehensive income for the first half of 2024 was CNY 263.36 million, down from CNY 474.26 million in the same period of 2023, a decline of about 44.4% [126]. Research and Development - The total R&D investment for the period was approximately ¥112.83 million, a decrease of 9.25% compared to the previous year, with R&D investment accounting for 5.97% of operating revenue [55]. - The company has made substantial investments in R&D, achieving breakthroughs in automation, intelligent data analysis, and high-precision control technologies, enhancing production efficiency and testing accuracy [31]. - The company is focusing on the development of solid-state battery technology, which is expected to be a mainstream direction in the future [65]. - The company’s R&D personnel reached 1,076, accounting for 26.92% of the total workforce, with R&D expenses amounting to CNY 112,826,137.60, a decrease of 9.25% compared to the same period last year [73]. Market Position and Competition - Hangke Technology holds a significant market share in the lithium battery formation and capacity testing equipment market, particularly in China, serving major battery manufacturers such as BYD and LG Chem [30]. - The company is in a rapidly developing stage in the lithium battery production sector, particularly in the battery post-processing testing systems market [22]. - The industry is experiencing heightened competition, with new entrants and international giants posing challenges, prompting Hangke Technology to continuously upgrade technology and innovate products [34]. - The company has significant international clients, including Samsung and LG, and is exposed to risks from international political and trade changes, particularly between China and the US [78]. Corporate Governance and Compliance - The board of directors has ensured the authenticity, accuracy, and completeness of the financial report [4]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties [6]. - The company has not disclosed any special arrangements for corporate governance [7]. - The company has not reported any changes in the number of shares or capital structure during the reporting period [112]. Investment and Capital Management - The company plans to distribute a cash dividend of 1.1 CNY per 10 shares, totaling approximately 66.4 million CNY, which represents 24.66% of the net profit attributable to shareholders for the first half of 2024 [5]. - The total amount of raised funds is CNY 2,313,100,380.73, with a net amount after deducting issuance costs of CNY 2,192,745,837.00 [108]. - The company plans to use CNY 140,000,000.00 of the excess raised funds for permanent working capital, which will not affect the funding needs of investment projects [110]. - The company has confirmed that the use of excess raised funds will not involve high-risk investments within twelve months after the funds are supplemented [110]. Operational Risks and Challenges - The company has outlined various operational risks and corresponding mitigation measures in the report [3]. - The company faces risks from declining gross margins on its main products due to increased competition and cost pressures from lithium-ion battery manufacturers [75]. - The acceptance cycle for equipment revenue recognition is generally estimated to be 9 months to over 1 year, which may be extended due to customer installation and operational issues [79]. - The company reported a significant decrease in short-term borrowings, which rose to ¥29.4 million from ¥14.5 million, marking an increase of approximately 102% [119]. Technological Advancements - The company has developed energy recovery technology and environmental treatment systems, reducing energy consumption and complying with strict environmental regulations [40]. - The company launched a high-efficiency energy recovery system that reduces energy consumption during the lithium battery formation process, aligning with global energy-saving trends and helping customers lower production costs [52]. - The company has implemented a digital platform operation model, integrating SAP systems and cloud platforms to enhance production management efficiency [43]. - The company is committed to ongoing research and development in lithium battery technology and automation solutions to enhance its market position [146]. Future Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% based on new product launches and market expansion strategies [105]. - The company aims to explore new application fields for lithium battery equipment, including energy storage and smart home markets, to increase market share [45]. - The company is actively pursuing new product development and market expansion strategies, including international orders and collaborations with top-tier clients [59]. - The company plans to increase R&D investment in smart, automated, and new energy equipment, aiming to meet stringent industry standards [44].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][7] Core Views - The company has secured significant contracts with PowerCo Battery Spain SA and PowerCo Canada Inc., amounting to over 45% of the previous year's audited revenue, indicating strong demand for its lithium battery equipment [3][4] - The company is expanding its overseas business, particularly in Europe and North America, and has established strong relationships with major clients such as SK, LG, and Samsung [4][6] - The company is expected to maintain robust financial performance, with projected net profits of 964 million, 1.145 billion, and 1.321 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 19.1%, 18.8%, and 15.4% [6][9] Summary by Sections Financial Performance - The company's revenue for 2023 is projected at 3.932 billion yuan, with a growth rate of 13.8% compared to the previous year [6][9] - The gross profit margin is expected to remain stable at around 37.4% for the next few years [6][9] - The earnings per share (EPS) for 2024 is estimated to be 1.60 yuan, with a reasonable valuation range of 19.16 to 22.35 yuan per share based on a PE ratio of 12-14 times [4][7] Business Expansion - The company has seen a significant increase in overseas orders, particularly in the lithium battery equipment sector, as domestic competition intensifies [4][6] - The company is actively pursuing new markets in Europe and India, which are expected to contribute to its growth [4][6] Technology and Innovation - The company has made advancements in core technologies related to lithium-ion battery production, enhancing its competitive edge in the market [4][6] - New product developments, including the 4680 charging and discharging system and high-voltage DC bus power modules, are expected to support future growth [4][6]

证券研究报告·公司点评报告·电池 杭可科技（688006） 获大众西班牙&加拿大订单，看好海外订单 加速落地 2024 年 08 月 13 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | | | | | | | | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3454 | 3932 | 4923 | 5584 | 6100 | | 同比（ % ） | 39.09 | 13.83 | 25.22 | 13.42 | 9.25 | | 归母净利润（百万元） | 490.59 | 809.09 | 1,027.34 | 1,346.39 | 1,525.90 | | 同比（ % ） | 108.66 | 64.92 | 26.97 | 31.06 | 13.33 | | EPS- 最新摊薄（元 ...

浙江杭可科技股份有限公司 关于自愿披露公司签订日常经营合同的公告 1 金额超过公司上一年度经审计营业收入的 45%（基于与客户保密协议的约定及公 司出于商业秘密考虑豁免披露）。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示: 证券代码：688006 证券简称：杭可科技 公告编号：2024-019 浙江杭可科技股份有限公司（以下简称"公司"或"杭可科技"）于近 日收到 PowerCo Battery Spain SA（以下简称"大众西班牙"）及 PowerCo Canada Inc.（以下简称"大众加拿大"）通过竞标系统生成的合同。上述合同标的为大 众集团在西班牙和加拿大生产电池所采购的锂电池后道设备，合同总金额超过公 司上一年度经审计营业收入的 45%。在合同履行的过程中如果遇到市场、经济等 不可预计或不可抗力等因素的影响，有可能存在合同无法全部履行的风险，请投 资者注意投资风险。 本次合同签订有利于提高公司收入规模及盈利能力，预计将对公司本年 及未来年度的经营业绩产生积极影响，具体影响金额及影响时间将视交 ...

证券代码：688006 证券简称：杭可科技 公告编号：2024-018 浙江杭可科技股份有限公司 关于收到控股股东提议中期分红暨落实公司 2024 年 年度"提质增效重回报"行动方案的公告 特此公告。 浙江杭可科技股份有限公司 2024 年 7 月 19 日 公司收到上述提议后，将结合公司经营发展规划和盈利能力进行 认真研究，同时结合 2024 年半年度财务状况制定合理可行的利润分 配方案。上述利润分配方案事项尚需报董事会确定，经公司股东大会 审议通过后方可实施，尚存在不确定性，公司将及时履行相应的审议 程序和信息披露义务，敬请广大投资者注意投资风险。 未来公司将继续聚焦主业，强化核心竞争力，努力通过良好的业 绩表现、规范的公司治理、强化投资者回报，践行"提质增效重回报"， 切实履行上市公司的责任和义务。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江杭可科技股份有限公司（以下简称"公司"）近日收到控股 股东、实际控制人曹骥先生出具的《关于提议中期分红暨落实公司 2024 年年度"提质增效重回报"行动方案的提议函》，主要 ...

Investment Rating - The investment rating for the company is Neutral, indicating that the expected total return over the next 12-18 months is anticipated to be in line with the relevant broad market benchmark [11][26]. Core Insights - The company has sufficient orders and is expected to benefit from the ongoing expansion of lithium battery production overseas. As of the end of Q1 2022, 2023, and 2024, the company's inventory was approximately 2.38 billion RMB, 2.90 billion RMB, and 2.88 billion RMB, respectively, with contractual liabilities of 1.50 billion RMB, 2.24 billion RMB, and 2.21 billion RMB, confirming a robust order book [2][7]. - The company is well-positioned to benefit from the capacity expansions of lithium battery manufacturers in the USA, Europe, and Southeast Asia, with key clients including SK, LG, Samsung SDI, Panasonic, Toyota, and BYD [2][7]. - The company's gross profit margin (GPM) for 2023 was 37.54%, an increase of 4.64 percentage points year-on-year, while the net profit margin (NPM) was 20.58%, up 6.38 percentage points year-on-year, primarily due to a higher proportion of high-margin overseas business [13][19]. Financial Performance and Forecast - The company’s revenue is projected to grow at a rate of 20% annually from 2024 to 2026, with a stable gross margin of 55% during the same period [3]. - For 2023, the company reported overseas revenue of 0.77 billion RMB, a significant increase of 221.2% year-on-year, accounting for 19.54% of total revenue [19]. - The financial forecast indicates that total revenue will reach approximately 5.85 billion RMB by 2026, with a consistent gross margin around 37.4% [18].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3]. Core Views - The company reported a revenue of 3.932 billion yuan in 2023, representing a year-on-year increase of 13.83%. The net profit attributable to the parent company was 809 million yuan, up 64.92% year-on-year [2]. - The company is expected to benefit from the expansion of lithium battery production overseas, with a significant increase in orders from international clients [30]. - The estimated reasonable value range for the company's stock is between 23.95 and 27.14 yuan per share, based on a PE valuation of 15-17 times for 2024 [3][34]. Financial Performance - In 2023, the company's operating income was 3.932 billion yuan, with a net profit of 809 million yuan and an EPS of 1.34 yuan. The gross margin was 37.5% [13][16]. - The company forecasts net profits of 964 million yuan, 1.145 billion yuan, and 1.321 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19.1%, 18.8%, and 15.4% [3][22]. - The company maintained a gross margin of 37.54% in 2023, with a notable increase in overseas business revenue, which reached 768 million yuan, up 221.2% year-on-year [16]. Business Segments - The company is a leading supplier of charging and discharging equipment for various types of lithium batteries, with expected revenue growth rates of 10% for the next three years [32][33]. - The accessories segment, including probes and sensors, is projected to grow at a rate of 20% annually, maintaining a high gross margin of 55% [4][33]. - Other equipment and services are expected to see revenue growth of 35% in 2024, with a gross margin of 38% [19][33]. Market Position - The company has a strong order backlog, with inventory and contract liabilities indicating sufficient orders to support future growth [30]. - The company is strategically positioned to benefit from the expansion of lithium battery production by major clients such as SK, LG, and Tesla, which are increasing their capacities in the U.S., Europe, and Southeast Asia [30][32].

一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年5 月 17 日的2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 证券代码：688006 证券简称：杭可科技 公告编号：2024-017 浙江杭可科技股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/5/31 | 2024/6/3 | 2024/6/3 | 本次利润分配以方案实施前的公司总股本 603,672,152 股为基数，每股派发现 金红利 0.34 元（含税），共计派发现金红利 205,248,531.68 元。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 0.34 元 相关日期 1. 发放年度： ...